FNSFMK416 Conduct work within financial markets compliance framework

Release: 1

FNSFMK416 Conduct work within financial markets compliance framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify statutory, legislative and regulatory requirements in financial markets and relate them to individual work practices to ensure ongoing adherence to the compliance framework.

It applies to individuals who to carry out work in accordance with the compliance framework applying to job roles in financial markets.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, licensing and risk – Compliance

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify individual compliance requirements	1.1 Identify global regulatory frameworks and regulators for financial markets 1.2 Assess commonalities and key differences in legal requirements for buy-side and sell-side organisations 1.3 Identify regulatory requirements relevant to own job role 1.4 Identify industry standards, conventions, organisational requirements and whistleblowing policies and procedures relevant to own job role 1.5 Identify obligations under the organisation’s code of conduct for own job role 1.6 Map compliance requirements against individual position description and work practices
2. Escalate compliance issues	2.1 Identify critical steps for escalating regulatory and ethical concerns 2.2 Consult with appropriate persons when there is a potential breach of regulatory requirements or a breach of organisational policies or values 2.3 Escalate issues where there may be a breach of regulatory requirements or organisational policies, in accordance with organisational policies and procedures 2.4 Analyse and reflect on personal efficacy in identifying and actioning compliance issues
3. Monitor and apply changes in compliance requirements to own job role	3.1 Monitor changes in regulatory environment that may affect the requirements or responsibilities of own job role 3.2 Access and analyse documentation relating to changes in compliance issues 3.3 Undertake organisational training addressing changes in compliance requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Reflects on own actions to improve future performance
Reading	Analyses complex information from a range of sources and consolidates information to determine requirements Identifies and analyses complex texts to determine key information, specific requirements and responsibilities
Oral Communication	Discusses compliance or ethical issues using structure and language to suit the audience Uses listening and questioning techniques to confirm understanding of compliance requirements
Self-management	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Teamwork	Selects and uses appropriate communication conventions and practices when discussing, seeking or sharing information
Planning and organisation	Systematically gathers and analyses information, reviews information and evaluates options in order to inform decisions about compliance requirements

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe